“The seizure order has been issued pursuant to investigation which revealed that prima-facie Burman deposited USD 32,12,000 in his account with HSBC, Zurich. He had declared before Income Tax Authority that he had earned USD 32,12,000 and had not shown this amount of his earning in his income tax returns filed in India for 2007-08,” according to the investigating agency.

The investigation conducted so far has also revealed that Burman had deposit USD 32,12,000 with HSBC, Zurich and holding the same in contravention of Section 4 of FEMA, 1999 and failed to repatriate the entire amount to India till date, ED further added.